DFHDream Finders Homes, Inc.
Operative Builders
- Revenue
- $4.3B
- 2.9% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $900M
- Employees
- 1,911
- $2M revenue each
- Net debt / EBITDA
- —
- $1.6B net debt
- AI in 10-K
- 1.3
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$11M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-46% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-41% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo10% of assetsOver 40% of assets
- Shareholder dissentNo84% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$2M · 42nd pctBottom quartile of its SIC industry
- Quiet on AINo1.3 per 10K words · 40th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$900M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$9M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.9B | $3.3B | $3.7B | $4.4B | $4.3B | 2.9% |
| Net income | $135M | $274M | $308M | $341M | $217M | 36% |
| Operating cash flow | $65M | −$28M | $374M | −$257M | −$101M | 61% |
| Capex | $3M | $6M | $5M | $25M | $26M | 1.8% |
| Stock-based comp | $5M | $7M | $14M | $19M | $25M | 33% |
| Buybacks | — | $0 | $0 | $8M | $42M | 433% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $1M · 8
- Open-market sells, 12 mo
- $10M · 13
- Net
- −$9M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $10M | $8M | 82 | 163 |
| FY2024 | $13M | $8M | 111 | 166 |
| FY2023 | $11M | $26M | 170 | 151 |
| FY2022 | $8M | $4M | 42 | 106 |
| FY2021 | $14M | $13M | 93 | 136 |